please answer 12c

The Ivanhoe Theater Inc. was recently formed. It began operations in March 2022. The Ivanhoe is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Ivanhoe showed Cash $16,000; Land $37,000; Buildings (concession stand, projection room, ticket booth, and screen) $21,500; Equipment $19,000, Accounts Payable $11,600; and Common Stock $81.900. During the month of March, the following events and transactions occurred: Mar. 2 Rented the first three Star Wars movies (Star Wars: The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $10,000: $2,200 was paid in cash and $7,800 will be paid on March 10 3 Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $800 per night. 9 Received $11,800 cash from admissions Paid balance due on Star Wars movies' rental and $3,100 on March 1 accounts payable. 11 The Ivanhoe Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Ivanhoe 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Pald advertising expenses $800. Received $9.800 cash from customers for admissions 20 Received the Star Trek movies and paid rental fee of $5,500. 31 Paid salaries of $3.400 Received statement from R. Lazlo showing gross receipts from concessions of $11.400 and the balance due to the Ivanhoe of $1,710 ($11.400x15) for March. Lazlo paid half the balance due and will remit the remainder on April 5. 31 Received $23,000 cash from customers for admissions 10 20 31 (a) Your answer is correct. Using T-accounts, enter the beginning balances to the ledger 3/1 Bal. Cash 16,000 Land 3/1 Bal. 37,000 3/1 Bal. Buildings 21,500 Equipment 3/1 Bal. 19.000 Accounts Payable 3/1 Bal 11.600 Common Stock 3/1 Bal 81.900 eTextbook and Media List of Accounts Attempts: 1 of 5 used 3.58/7.25 Question 12 of 12 INTE (b) Your Answer Correct Answer (Used) Your answer is partially correct. Journalize the March transactions. The Ivanhoe records admission revenue as service revenue, concession revenue as sales revenue, and fim rental expense as rent expense. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically Indented when amount is entered. Do not Indent manually. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit Mar 2 Rent Expense 10,000 Cash Accounts Payable 7.80 2.20 Mar 3 No Entry 0 No Entry Mar. 9 Cash 11.000 11,80 Service Revenue Accounts Payable Mar. 10 8,500 Cash 1.50 Mar. 11 No Entry No Entry 3.58/7.25 Question 12 of 12 III Service Revenue 11.800 Mar 10 Accounts Payable 8.500 Cash 8.500 Mar. 11 No Entry No Entry Advertising Expense Mar 12 800 Cash 800 Mar. 20 Cash 9,800 Service Revenue 9.800 Mar. 20 Rent Expense 5.500 Cash 5.500 Mar 31 Salaries and Wages Expense 3,400 Cash 3.400 Mar. 31 Cash 855 Accounts Receivable Sales Revenue 1.710 Mar. 31 Cash 23.000 Service Revenue 23,000 Question 12 of 12 3.58 / 7.25 (c) Post the March journal entries to the ledger (Post entries in the order of information presented in the question) Cash 3/1 Bal. 16,000 > C Accounts Receivable Salaries and Wages Expense